With market volatility and higher costs affecting everything from groceries to healthcare, you may be asking yourself: Am I still on track for the retirement I’ve been planning? You’re not alone. Even those who’ve saved consistently find that retirement planning requires ongoing review in today’s shifting economy.

At 1st Choice Financial Services, an independent advisor firm based in Camp Hill, we work closely with individuals across Central Pennsylvania—including Harrisburg, Hershey, Halifax, Lancaster, Lebanon, Enola, and Mechanicsburg—to help them evaluate their current situation and determine what steps may help strengthen their retirement outlook.

In this blog, we’ll walk through questions you can ask yourself about your current savings, highlight common gaps that might affect your plan, and offer strategies to help you feel more confident moving forward.

Your Retirement Savings Snapshot: Key Questions To Ask

Are you clear on your estimated retirement expenses?

Effective retirement planning in Pennsylvania starts with a clear understanding of both your essential needs and lifestyle wants. Since everyone’s situation is different, your plan should be specific to you and adaptable as life evolves.

What percentage of your current income are you saving?

It’s helpful to regularly review how much you’re setting aside—and where those savings are going. Consider whether your contributions are spread across tax-advantaged accounts, brokerage accounts, or left in cash, and how that matches your goals.

How are your retirement accounts invested?

The mix of investments in your accounts—your asset allocation—can impact how your savings grow and how much risk you’re exposed to. Reviewing this mix regularly is helpful, especially as you near retirement.

Do you understand your potential Social Security benefits?

Knowing what to expect from Social Security can help you plan for income gaps. A 1st Choice retirement planning specialist in Central Pennsylvania can help you review your options and explore strategies to make the most of your benefits.

Are you maximizing the employer contributions available in your retirement plan?

Matching contributions, profit-sharing, or other benefits can significantly boost retirement savings. If you’re self-employed, it’s worth exploring retirement planning options designed for business owners or independent workers.

Common Retirement Savings Gaps and How To Address Them

Even diligent savers encounter challenges when planning for retirement. Here are some common gaps and practical ways to address them.

Problem: Underestimating Healthcare Costs

Healthcare expenses in retirement can be substantial. Premiums, out-of-pocket costs, prescriptions, and potential long-term care can quickly add up.

Strategy: Explore your retirement healthcare coverage options, such as Medicare and supplemental plans. You can use Health Savings Account (HSA) funds for qualified expenses, and planning ahead could help you account for potential long-term care needs.

Problem: Relying Solely on Employer-Sponsored Plans

While a 401(k) or similar plan is valuable, it may not fully cover your future retirement needs, especially if you started saving later or had employment gaps.

Strategy: To supplement your retirement plan, consider other savings vehicles, such as Roth IRAs or brokerage accounts. Where available, understanding contribution limits and potential tax benefits can help you make the most of these accounts.

Problem: Not Accounting for Inflation

Inflation has become a significant concern in recent years. It reduces the purchasing power of savings and makes it harder to sustain a lifestyle.

Strategy: Evaluate investment approaches that aim to outpace inflation over time. A diversified portfolio may provide growth potential while helping to manage risk. Like those at 1st Choice, a retirement advisor can help you assess what mix may fit your goals and retirement timeline.

Problem: No Clear Withdrawal Strategy

Knowing how to turn your savings into reliable income is just as important as saving itself.

Strategy: Build a structured withdrawal plan that considers taxes, income sequencing, and longevity. This type of approach can help prevent drawing down your accounts too quickly or too cautiously.

Q&A: Your Retirement Savings Questions Answered

Q: How often should I review my retirement plan?

A: It’s generally recommended that you review your plan at least once per year. However, life changes—such as a new job, inheritance, or early retirement decision—may also warrant an earlier review.

Q: What if I feel like I’m behind on my retirement savings?

A: It’s not uncommon to feel that way, but it’s never too late to take action. Even small changes can help. If you’re 50 or older, you can make catch-up contributions to retirement accounts, and between ages 60 and 63, a special higher catch-up limit may apply to employer plans.

Q: Should I adjust my investment strategy as I near retirement?

A: Possibly. While reducing exposure to riskier assets may make sense for some, it’s also important to maintain enough growth potential to support a retirement that could last 25 to 30 years or more.

Q: How do I know if I’ll have enough saved to retire comfortably?

A: That depends on your expenses, income sources, and how long you expect your retirement to last. A retirement income projection—factoring in inflation, taxes, and lifestyle—can help provide more clarity.

1st Choice’s Independent Retirement Advisors Can Help

Retirement planning often raises new questions as you get closer to your target date. Whether you’re trying to clarify your income outlook, reduce risk, or address potential gaps, 1st Choice Financial Services, your retirement planning specialists in Central Pennsylvania, is here to help.

Located in Camp Hill, we work with individuals and families across Harrisburg, Hershey, Enola, and surrounding communities to provide PA wealth management strategies that reflect your savings habits, lifestyle goals, and evolving priorities.

Our independent retirement advisors offer guidance to help you:

• Develop a retirement income projection that accounts for both fixed and variable expenses
• Analyze your current savings to identify possible shortfalls and help prioritize the next steps
• Create an investment strategy based on your timeline, goals, and comfort with risk
• Understand your retirement income sources, including Social Security, pensions, investments, and RMDs
• Coordinate your retirement plan with estate planning, healthcare costs, and charitable goals

As an independent firm, we build strategies around your best interests, not sales quotas or proprietary products. And as a Central PA firm, we’re familiar with the regional costs and opportunities that matter to you.

Contact us today to schedule your consultation and explore more retirement topics on our YouTube channel.

This is not endorsed or affiliated with the Social Security Administration or any U.S. government agency.

The following link/content may include information and statistical data obtained from and/or prepared by third party sources that Foundations Investment Advisors, LLC (“Foundations”), deems reliable but in no way does Foundations guarantee its accuracy or completeness. Foundations had no involvement in the creation of the content and did not make any revisions to such content. All such third-party information and statistical data contained herein is subject to change without notice and may not reflect the view or opinions of Foundations. Nothing herein constitutes investment, legal or tax advice or any recommendation that any security, portfolio of securities, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations, execution of required documentation, and receipt of required disclosures. All investments involve risk and past performance is no guarantee of future results.

Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC.

Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not in any way refer to investment advisory products. Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC.